HomeMy WebLinkAboutResolution No. 1981-21 -- - - -- - - -- - - - - -- - - ____ .
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MICROFILMED 1-18-83
- RESOLUTION NO. 81-21
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A RESOLUTION AUTHORIZING THE CITY OF CAPE
CANAVERAL, FLORIDA TO RENEW A LOAN WITH
UNITED NATIONAL BANK FOR THE PURCHASE OF
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BLOCK 47, AVON-BY-THE-SEA SUBDIVISION;
_ _ - AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE THE NECESSARY LOAN DOCUMENTS TO
RENEW THAT LOAN; BY PLEDGING CERTAIN
FRANCHISE FEES AS COLLATERAL FOR SAID LOAN;
BY PROVIDING AN EFFECTIVE DATE. 1
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WHEREAS, the voters of the City of. Cape Canaveral, Florida,
U approved by referendum election in November , 1978 the purchase of
Block 47, Avon-By-The-Sea Subdivision; and,
WHEREAS, said referendum provided for the purchase price
of this property be paid from existing City funds; and,
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WHEREAS, United National Bank agreed to loanthe City the
necessary funds to effect said purchase, provided the City pledge
certain franchise fees; and,
WHEREAS, the City Council of the City of Cape Canaveral, Florida,
, approved Resolution No. 79-15 to effectuate the said loan;
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NOW, THEREFORE BE IT RESOLVED by the City Council of the City
of Cape Canaveral, Florida, as follows :
SECTION 1 . The City of Cape Canaveral, Florida, is hereby
authorized to reneW. the $110, 000. 00 loan from the United National
Bank which was used for the Purchase of Block 47, Avon-By-The-Sea
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Subdivision, as said purchase was approved by referendum election
in .November 1978 .. This loan shall bear interest at the rate of
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6 3/4 percent per annum principal and interest to be paid quarterly,
beginning three months from date of loan. The City is further
authorized to pledge United National Bank the necessary revenue to
/ 0 meet the payments described above, derived from the Florida Power
and Light franchise fee as collateral for this loan.
SECTION 2. The Mayor and City Clerk are hereby authorized to
execute the necessary documents to renew this loan.
SECTION 3 . This Resolution shall become effective immediately
upon its adoption.
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k.-- M I CROF I LMED 1-18-83
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ADOPTED by the City Council of the City of Cape
Canaveral, Florida, this 2 day of April ,
1981.
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"-1 NAME YES NO
Approved as to form: soyo Egli
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P ' y /., torney RUTHERFOF )
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RESOLUTION NO. 81-21
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